31  Nassau  Street, 


P.  O.  Box  294. 

New  York,  January  5,  1878. 

This  Company,  which  now  operates  the  railway  from  Cairo  to  New  Orleans,  is  in  possession  of  the 
Central  Mississippi  Railroad,  formerly  the  Mississippi  Central  Railroad.  This  property  of  the  Central 
Mississippi  Railroad,  was  purchased  at  the  foreclosure  sale  at  Jackson,  Miss.,  in  August  last.  Of  this  latter 
Railroad  1 1  5  miles  had  been  held  by  the  State  of  Tennessee  since  March,  1876.  The  part  of  this  road 
extending  from  Canton,  Miss.,  to  the  South  line  of  the  State  of  Tennessee,  and  from  the  North  line  of 
the  State  of  Tennessee,  across  Kentucky,  was  placed  in  the  hands  of  a  Receiver  in  the  same  month. 
The  two  Receiverships  were  vacated  on  the  31st  ultimo.  The  property  is  nowin  charge  of  our  Vice- 
President,  Mr.  J.  C.  Clarke. 

The  Receivers  made  very  extensive  repairs,  both  to  the  track  and  rolling  stock.  The  entire  income 
of  the  line  for  a  period  of  twenty-two  months  was  devoted  to  the  improvement  of  the  property,  with  the 
exception  of  enforced  payments  to  the  State  of  Tennessee.  The  new  organization,  which  is  also  in  pos¬ 
session  of  the  New  Orleans  and  Jackson  Road,  is  a  consolidation  of  the  two  roads,  and  it  is  proposed  to 
work  the  entire  line  from  Fillmore  (opposite  Cairo),  to  New  Orleans  as  one  property. 

All  arrears  of  wages  and  supply  bills  have  been  paid,  and  15,500  tons  of  rails  have  been  laid  in  the 
track.  Four  miles  of  bridging  have  been  rebuilt  and  extensive  repairs  made  to  the  engines  and  cars. 

Possession  of  the  road  within  the  limits  of  the  State  of  Tennessee  was  obtained  by  paying  the  debt 
owing  to  the  State  in -full,  and  a  corresponding  amount  of  bonds  has  been  substituted  for  this  debt. 

The  property  requires  further  expenditures.  Ten  thousand  tons  of  steel  rails  have  been  purchased, 
and  will  be  laid  this  Spring.  It  is  necessary  to  extend  the  line  2\  miles  up  the  Ohio,  to  a  more  conven¬ 
ient  point  opposite  the  terminal  station  of  the  Illinois  Central  Railroad,  at  Cairo. 

All  the  interest  which  matured  upon  the  bonds  of  the  Mississippi  Central  Railroad  Company  during 
the  Receivership  is  in  arrears  and  unpaid.  The  coupons  maturing  hereafter  upon  the  valid  First  Mort¬ 
gage  Bonds  of  the  Mississippi  Central  Railroad  will  be  paid  as  they  mature. 


LIBRARY 
OF  THE 

UNIVERSITY  OF  ILLINOIS 


LIBRARY 
OF  THE 

UNIVERSITY  of  IUINOIS 


at  of  lai  Morlgmg©  «g®«p©BS 

of  the  Mississippi  Central  R,  R,  Company,  funded  into  the  Certificate  on  the  back  hereof, 


DESCRIPTON  OF  COUPONS. 


Coupons  due  1st  February,  1876. 

@  $40  each. 

@  20  each. 

@  4  each. 

Coupons  due  1st  August,  1876. 

@  $40  each. 

@  20  each. 

@  4  each. 

Coupons  due  1st  February,  1877- 

@  $40  each. 

@  20  each. 

@  4  each. 

Coupons  due  1st  August,  1877. 


Amount  of 
Coupons  Deposited. 


; 


$40  each. 
@  20  each. 
@  5  each. 


Total  Amount  of  Coupons  deposited. 
Interest  on  same  to  1st  November,  1877. 
Entitling  Depositor  to  a  certificate  for 


Interest  on  Oonpons 
from  maturity  to 
1st  November.  1877, 
at  1%  per  annum, 


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By  the  terms  of  the  Second  Mortgage  of  the  Mississippi  Central  Railroad  Company,  the  interest 
secured  to  the  bondholders  by  that  mortgage  upon  the  property  was  limited  to  — 


ItOfl  (See  lines  io  to  14  of  Bond.) 


There  are  four  past  due  coupons  upon  the  Second  Mortgage  Mississippi  Central  Bonds  which  have 
matured  within  the  last  two  years,  and  for  the  payment  of  which  no  net  revenue  has  been  derived  from  the 
traffic;  but,  pursuant  to  an  engagement  made  with  a  majority  of  the  holders  of  these  bonds,  the  Company 
will  pay  in  cash  the  coupon  maturing  on  the  1st  of  February,  1878,  to  bondholders  who  shall  present  their 
bonds  with  all  unpaid  coupons  attached,  and  receive,  in  exchange  for  overdue  and  unpaid  coupons 
(together  with  interest  at  7  per  cent,  per  annum  on  the  same  from  their  several  dates  of  maturity  to 
November  1,  1877),  certificates  entitling  the  holder  to  bonds  of  the  First  Mortgage  of  the  consolidated 
Chicago,  St.  Louis  and  New  Orleans  Railroad  Company,  carrying  interest  from  November  1st,  1877,  which 
bonds  will  be  ready  for  delivery  in  the  month  of  March. 


STUYVESANT  FISH, 

Secretary  of  the  Chicago,  St.  Louis  and  New  Orleans  R.  R.  Co. 


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